I'm Not Convinced The AI Bubble Exists
Summary
The article argues that the AI market may not be a traditional bubble, examining high upfront data-center costs, debt, and the potential profitability of AI companies. It references Anthropic's S-1 filings, Alphabet and Meta prospects, and discusses how demand, capital, and institutional lock-in could sustain growth, while noting risks from regulation, backlash against data centers, and potential market consolidation.